Blockchain technology faces several challenges in 2019. The volatility of trading markets demonstrates once again the need for a legal framework that provides protection to investors, many of whom entered the game in the final months of 2017 and had to see how their life savings vanished during the bear market in 2018. Hundreds of new projects were canceled due to lack of financing. The bad experiences made very skeptical investors who are no longer dazzled by a beautiful logo, a white paper full of possible fabulous events and much less by promises to be accepted in Binance, Bittrex, Coinbase or any big exchange house.
2018 has been a year of learning. It’s like that teacher who made you suffer so much that you hated him but then thanked him for being part of your life and for everything you learned.
The long-term forecast of cryptocurrencies is very promising. So many investors still venture and invest regardless of the downward trend of the active crypto market. The crude experiences have made these investors wiser, now they study in great detail the project in which they are going to place the money. Topics such as knowing the developer team (KYD) and questions like this ones, what’s the application to the real world of the project?, is innovative or is more of the same?, do this project have financial advisors? have become a fundamental objective for making decisions when investing.
The search for gigantic burst profits has been put on hold, replaced by investments that report more conservative profits but based on conscientious studies.
In the present large companies show interest in blockchain technology. Facebook is studying working with blockchain technology. It is an everybody known secret that they are developing their own stablecoin. It is rumored that the WhatsApp messaging application will have a wallet for cryptocurrencies integrated. Amazon even has a tool that allows you to create your own blockchain in minutes. Microsoft has created multiple partnerships with various companies in many blockchain projects, IBM has thousands of patents related to blockchain technology, Hyundai, Samsung. The list of business colossuses interested in cryptocurrencies is long and their reasons for choosing blockchain technology are very diverse. Personalities like Elon Musk, creator of Paypal, Tesla, SpaceX and Jack Ma creator of Alibaba.com and the richest man in China are two of the most influencer personalities of this generation, their futuristic vision of a better world include both blockchain technology as to cryptocurrencies as a means of payment substituting Fiat money.
The Director of the International Monetary Fund Christine Lagarde, said recently that they intend to create their own stablecoin and that cryptocurrencies have grown that much to represent a risk to traditional banking. The J. P. Morgan bank will also create its own stablecoin, a year after say Bitcoin was a fraud. Nobody can stop the technology advance.
Returning to 2018, we can say that the laws of nature were o adapted to the blockchain environment. Mediocre projects have been relegated and abandoned to their death by investors who are no longer fooled, while well-managed projects with clear ideas, discipline and hard work have been strengthened, adding much value to the true objective pursued by technology blockchain and cryptocurrencies that is nothing more than mass adoption.
Many people only look at the value of cryptocurrencies against the dollar but have no clue about the development that projects have had during 2018 and so far in 2019. The evolution has been such that the number of transactions of the blockchain networks exceeds those of previous years. Every day more people are trying the cryptocurrencies. The examples I can cite are too many so I will mention only a few.
- Binance leaving the Ethereum network to create its own blockchain so that it can better support its decentralized exchange.
- Tron supporting millions of dapps.
- The people of Zelcore (Zelcash) developing their wallet to it integrates perfectly with the Binance dex.
- Digibyte project finding partnerships across the whole globe.
- The Coinbase exchange house adding pairs of all kinds of currencies besides the dollar and the euro.
6)and so much more…
In short, the developers of each project have remained busy these 16 months and this results are evident when you see the increment in the acceptance of users, consumers and merchants, who have begun to lose their shyness regarding cryptocurrencies by embracing them as a means of payment or symbol of savings and value. Lot of people is even comparing Bitcoin with gold. The truth is that those who attacked Bitcoin and cryptocurrencies but said love the blockchain technology gradually begin to understand that it is impossible to continue fighting against evolution and that one cannot exist without the other.
This humble servant just waits for big chains like Walmart, Mc Donalds, Starbucks, Alibaba, Amazon, etc, to dare and start accepting cryptocurrencies to make life easier for everyone. The first giant that dares will be paving the way for everyone else and in the process accumulate a number of crypto actives that will mean humongous profits well above what they imagine in the years to come.
The challenge of blockchain technology and cryptocurrencies for 2019 is to continue developing applications and tools for users that strengthen their already proven utility without forgetting to keep current major projects updated. Being used in the whole world is the main objective. The referential rate of change with respect to fiat money is irrelevant because mass adoption is a long-term project.
I am sure that I will buy ice cream for my grandchildren with cryptocurrencies.
Thanks for reading
A Venezuelan Living in dictatorship. Being saved by cryptocurrency.
And now trying to help.
Help me and my brother help others in my country.
Any amount will do. Even 1$.
Salary in Venezuela is 0.5$ so, you can imagine why I'm doing this.
https://cryptowildfoundation.org/
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